Registration number:
Signal House Limited
for the Year Ended 30 April 2020
Signal House Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Signal House Limited
Company Information
Directors |
P Roberts P Hobbs J A Leafe T P Roberts R Whitehead D J Eades W A Gregory |
Company secretary |
J A Leafe |
Registered office |
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Solicitors |
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Auditors |
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Signal House Limited
(Registration number: 02286559)
Balance Sheet as at 30 April 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Signal House Limited
(Registration number: 02286559)
Balance Sheet as at 30 April 2020
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
P Roberts
Director
P Hobbs
Director
J A Leafe
Company secretary and director
Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
The principal place of business is:
Cherrycourt Way
Stanbridge Road
Leighton Buzzard
Bedfordshire
LU7 4UH
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Going concern
The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.
At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year.
Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of the Government support schemes.
Based on the above the directors have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and consequently the directors continue to adopt the going concern basis in the preparation of the financial statements.
If the company were unable to trade, adjustments would be have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.
Audit report
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Income is recognised based on the date goods are despatched and the level of completion of services.
Government grants
Government grants are recognised in the profit and loss account as income when such grant does not impose specified future performance-related conditions, in accordance with the performance model.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% reducing balance |
Plant and machinery |
20% reducing balance |
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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Charge for the year |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Stocks |
2020 |
2019 |
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Work in progress |
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Other inventories |
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Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Creditors |
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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- |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Loans and borrowings |
2020 |
2019 |
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Current loans and borrowings |
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Bank overdrafts |
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Hire purchase and finance lease liabilities |
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Other borrowings |
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2020 |
2019 |
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Non-current loans and borrowings |
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Hire purchase and finance lease liabilities |
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Bank borrowings
The bank borrowings are denominated in Sterling. The carrying amount at the year end is £50,552 (2019 - £42,799).
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Other borrowings
Hire purchase and finance lease liabilities are secured against the assets to which they relate. The carrying amount at the year end is £18,290 (2019 - £38,038).
Other borrowings, which relate to invoice discount facilities, are secured against the related debtors and also by virtue of cross guarantees between group companies. The carrying amount at the year end is £116,339 (2019 - £104,670).
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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52,630 |
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52,630 |
Signal House Limited
Notes to the Financial Statements for the Year Ended 30 April 2020
Financial commitments, guarantees and contingencies |
Financial commitments
The total amount of financial commitments not included in the balance sheet is £
2020 |
2019 |
Not later than one year |
3,610 |
5,716 |
Later than one year and not later than five years |
1,128 |
4,738 |
4,738 |
10,454 |
Contingent liabilities
The company has entered into cross guarantees with its finance providers in respect of the liabilities of other group and related companies. This is supported by a debenture over the company's assets. The contingent liability as at 30 April 2020 is £1,270,092 (2019 - £1,274,844). The future outcome is dependent upon the performance of individual companies concerned, however the director's do not expect any liability to crystalise.
Related party transactions |
The company has taken advantage of the exemption under FRS 102 Section 1A in respect of disclosing transactions with other members of the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
Relationship between entity and parents
The smallest and largest group in which these financial statements are consolidated is Signal House Group Limited, incorporated in England. These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The address of Signal House Group Limited is:
Salcombe Road, Meadow Lane Industrial Estate, Alfreton, Derbyshire, DE55 7RG.